IS " DUBAI DEBACLE" GOING ARGENTINA WAY.....

"DUBAI DEBACLE" The current financial crises has again raised numerous eyebrow across global financial exchanges.The global financial crisis was still a moolah and a matter of concern with most of the investors that the recent "dubai debacle" hit.Further major concern is whether the current situation will rise to the next biggest government default after one that happened in ARGENTINA in 2001.The tsunami of the "Dubai Debacle" hit when the US economy was celebrating THE THANKSGIVING DAY and counterparts in INDIA were enjoying the robust quarter results and the bullish nature of the stock bull however the "DUBAI WORLD" interrupted with the request for the "stand still" for its $59 billion debt. Dubai govt with an intention to create DUBAI as tourism hub went ahead with huge debts which in the bearish market became a tuff nut to crack specially due to the weakening of the dollar and low oil prices. The US and EUROPEAN economies are majorly affected and the investors are keeping there fingers crossed. The has been steep fall in 18 exchanges across europe except ICELAND.Similarly the confidance of the US Investors has shaken. In the ASIAN context the major economies have not been much effected however THAILAND is in concern as there is huge ITALIAN-THAI contruction joint ventures in DUBAI which will take a hit.The remmittances to INDIA is definatly a concern as there is a huge INDIAN labour force working in MIDDLE EAST which generated around $49 billion for INDIAN ECONOMY in FY-08.
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